Berkshire Hathaway

Amazon might reveal fitness-tracking Alexa wireless earbuds, Echo with better sound this week

Posted by | AirPods, Alexa, Amazon, amazon alexa, Android, Apple, apple inc, Assistant, Berkshire Hathaway, CNBC, Companies, fitbit, Gadgets, hardware, hearables, industries, iPhone, Samsung, Seattle, TC, wireless earbuds | No Comments

Amazon is building wireless earbuds that offer Alexa voice assistant access, and fitness tracking for use during activities, according to a new report from CNBC. These earbuds, combined with a new, larger Echo designed to provide more premium sound, could feature into Amazon’s hardware event taking place this Wednesday in Seattle, though the outlet is unclear on the release timeline for this gear based on its source.

These earbuds would be a major new product for Amazon, and would be the company’s first foray into personal health and fitness devices. While Amazon has either built or bought products in a wide range of connected gadget categories, including smart home and smart speakers in particular, so far it hasn’t seemed all that aggressive in personal health, even as Apple, Samsung and others have invested heavily in these areas.

CNBC’s report says that these new Alexa buds will have an accelerometer on board for measuring motion, and will be able to also provide distance tracking, calories burned and pace – in other words, all the things that you’d expect to track with a fitness wearable like the Apple Watch or a Fitbit.

Leaving aside their fitness features, earbuds would provide Amazon a way to deliver a more portable Alexa for people to take with them outside of the house. The company has partnered with other headphone makers on similar third-party Alexa integrations, and they’ve also experimented with bringing Alexa to the car, for instance, but it’s largely still a home-based assistant, successful as its been.

Helping the appeal of these reported new products, the buds are said to be retailing for under $100, which will put them at a big price advantage when compared to similar offerings from either dedicated audio companies and headphone makes, and to potential rivals like Apple’s AirPods. Though the report indicates that they’ll still rely on being connected to an iPhone or Android device for connectivity, as they won’t have their own data connection.

Amazon is also readying a bigger echo that has a built-in woofer and overall better sound than its existing lineup, according to CNBC . That mirrors a report from July from Bloomberg that also said Amazon was readying a high-end echo, with a planned launch for next year.

Some or all of these new hardware devices could make their debut at Wednesday’s event, but it seems likely a lot of what we’ll see will be a surprise.

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India’s largest mobile wallet company Paytm now offers a credit card

Posted by | alibaba, Asia, Berkshire Hathaway, citibank, Finance, india, Mobile, Online lending, payments, Paytm, Softbank, Uber, Vijay Shekhar Sharma, warren buffett, zomato | No Comments

Paytm, India’s largest mobile wallet app, has branched out to several businesses in recent years as threat from Google and Facebook grows. On Tuesday, it added another category to the list: credit cards.

The firm, operated by One97 Communications, today unveiled Paytm First Credit Card with lofty benefits as it races to bulk up its financial offerings. The cards, issued by Citi Bank, will be the first in the country to offer unlimited, one percent cashback on purchases, Paytm claimed in a statement. The company is hoping to rope in about 25 million credit card customers in the coming months.

The penetration of credit cards remains very low in India with under 50 million people possessing one. With people conducting most of their businesses through cash in the nation, banks have little understanding of a customer’s credit history and score. And it also doesn’t help that banks in India are still wary of issuing credit cards to those who don’t perfectly fit the traditional blue collar job.

But why is a company that made its name through a mobile payment wallet open to its customers engaging with credit card companies? Paytm itself is struggling to grow its business and retain existing customers. Some of its recent major bets haven’t exactly paid off. Its ecommerce business Paytm Mall remains tiny despite bleeding money.

Yo! The First. Paytm First. pic.twitter.com/5kAxozc2IH

— Vijay Shekhar (@vijayshekhar) May 13, 2019

But more importantly, payments itself has become a commoditized space. Users park their money in Paytm and do transactions from there. Paytm makes money from this accumulated sum. This business flourished for years, especially in the months after the Indian government invalidated much of the cash in the nation. But then the government launched its own payment infrastructure called UPI, which removes the need for a middleman.

This has made payments more convenient for users, who are increasingly jumping ship. UPI apps such as PhonePe that have emerged in the last two and a half years now see more transactions than wallet apps. To make matter worse for Paytm, Google and Facebook — two companies that have larger userbase in India — have entered the payments space. Google Pay reached 100 million installs on Google Play Store recently, and WhatsApp plans a nation-wide roll out of its payment feature in India later this year.

So Paytm is now expanding its financial offerings and credit card play fits well in it. With more than 200 million active users, Paytm rivals banks on both the number of customers and volume of transaction it processes.

“Our new offering is designed to bring utmost flexibility to our customers in their digital payment options and will help spur large-ticket cashless payments,” Vijay Shekhar Sharma, chairman and CEO of One97 Communications said in a statement.

Backed by SoftBank, Alibaba, and most recently Warren Buffett’s Berkshire Hathaway, Paytm has the capital to spur the adoption of its new credit card. As part of the package, Paytm’s credit card holders will be able to avail dining, shopping, travel and other offers that Citi Bank provides to its privilege customers. In the first four months of issuing a card, the company will offer its customers discounts worth Rs 10,000 ($142) on spending of Rs 10,000.

Paytm First Credit Card will work both in India and elsewhere and support contactless transactions. Like any other credit card, customers will be able to pay back a sum in multiple monthly instalments. Paytm First Credit Card will charge users a nominal fee of Rs 500 ($7.1) that will be waived off if their spendings through the card exceeds Rs 50,000 ($710) in a year.

If the gamble works, Paytm will be able to retain some customers and convince many to do big-ticket transactions. For Citi Bank, this partnership is just an easy ploy to acquire some customers.

In the meantime, Paytm continues to aggressively expand its financial offerings. In recent years, it has launched a digital payments bank, and has started to offer prepaid Forex cards for international purchases. It also lets customers buy gold, and employers issue food allowance wallets for their staff. Last year, the company announced Paytm Money to facilitate purchase of mutual funds.

Earlier this year, the company launched Paytm First, a subscription bundle that includes access to subscriptions from other services such as Zomato, Uber, Gaana, and Eros Now. In an interview with TechCrunch late last month, Paytm’s Sharma said payments is the moat around which you can build a number of services. “Now that’s a business model… payment itself can’t make you money.”

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Another big investor bought up about $1 billion in Apple shares

Posted by | Apple, Berkshire Hathaway, Earnings, Fundings & Exits, Mobile, TC, wall street, warren buffett | No Comments

tim cook Warren Buffett’s Berkshire Hathaway holding company today disclosed in a regulatory filing that it owns around 9.81 million shares of Apple — worth around $1.07 billion at the end of the quarter — as Apple shares have taken a huge dive in the past year. Apple shares have slid to 52-week lows in recent weeks, especially following a huge second-quarter miss that shaved… Read More

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